48,288 Shares in First Horizon Co. (NYSE:FHN) Acquired by Norden Group LLC

Norden Group LLC purchased a new position in First Horizon Co. (NYSE:FHN) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 48,288 shares of the financial services provider’s stock, valued at approximately $744,000.

A number of other hedge funds also recently modified their holdings of the stock. Perigon Wealth Management LLC raised its holdings in shares of First Horizon by 7.5% in the 1st quarter. Perigon Wealth Management LLC now owns 11,520 shares of the financial services provider’s stock worth $177,000 after purchasing an additional 804 shares during the period. Principal Financial Group Inc. grew its stake in First Horizon by 2.6% in the 1st quarter. Principal Financial Group Inc. now owns 2,104,283 shares of the financial services provider’s stock valued at $32,406,000 after buying an additional 52,944 shares in the last quarter. Benjamin F. Edwards & Company Inc. grew its stake in First Horizon by 31.5% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 5,325 shares of the financial services provider’s stock valued at $82,000 after buying an additional 1,276 shares in the last quarter. Meritage Portfolio Management purchased a new position in First Horizon in the 1st quarter valued at approximately $5,786,000. Finally, Bank of New York Mellon Corp grew its stake in First Horizon by 224.4% in the 1st quarter. Bank of New York Mellon Corp now owns 28,518,551 shares of the financial services provider’s stock valued at $439,186,000 after buying an additional 19,728,357 shares in the last quarter. Institutional investors own 80.28% of the company’s stock.

Analyst Ratings Changes

FHN has been the subject of a number of recent research reports. Robert W. Baird lifted their price objective on shares of First Horizon from $15.00 to $16.00 and gave the company a “neutral” rating in a research note on Thursday, April 18th. StockNews.com upgraded shares of First Horizon from a “sell” rating to a “hold” rating in a research report on Thursday, July 4th. Stephens assumed coverage on shares of First Horizon in a research report on Thursday, May 23rd. They set an “overweight” rating and a $19.00 price target for the company. Royal Bank of Canada upgraded shares of First Horizon from a “sector perform” rating to an “outperform” rating and boosted their price target for the company from $16.00 to $18.00 in a research report on Tuesday, April 9th. Finally, JPMorgan Chase & Co. boosted their price target on shares of First Horizon from $16.00 to $17.50 and gave the company a “neutral” rating in a research report on Thursday, April 4th. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $17.15.

First Horizon Stock Performance

First Horizon stock opened at $15.11 on Tuesday. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $8.26 billion, a PE ratio of 10.56, a P/E/G ratio of 2.04 and a beta of 0.89. The firm has a fifty day simple moving average of $15.39 and a two-hundred day simple moving average of $14.75. First Horizon Co. has a twelve month low of $10.08 and a twelve month high of $16.28.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Wednesday, April 17th. The financial services provider reported $0.35 EPS for the quarter, beating the consensus estimate of $0.34 by $0.01. The firm had revenue of $819.00 million during the quarter, compared to the consensus estimate of $809.51 million. First Horizon had a net margin of 16.07% and a return on equity of 8.96%. The company’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.46 earnings per share. Research analysts expect that First Horizon Co. will post 1.51 EPS for the current year.

First Horizon Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Friday, June 14th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 3.97%. The ex-dividend date of this dividend was Friday, June 14th. First Horizon’s dividend payout ratio (DPR) is 41.96%.

First Horizon Profile

First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through Regional Banking and Specialty Banking segments. It offers general banking services for consumers, businesses, financial institutions, and governments.